Policy updates

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Payday Super starts 1 July 2026: What employers need to know

A reform known as *Payday Super* takes effect on **1 July 2026**, requiring employers to pay superannuation contributions **each payday** rather than quarterly. Super must reach employees’ funds within **7 business days after payday**. As part of this reform, the **Small Business Superannuation Clearing House (SBSCH)** will be **closed permanently from 30 June 2026**. Employers must transition to compliant payment methods and update STP reporting to include qualifying earnings and super liability per pay cycle.

Editorial impact label: High

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Jul 1, 2026

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IRS simplifies penalty relief, introduces automatic process for eligible taxpayers

The IRS has replaced its “First Time Abate” administrative penalty relief with a new **Automatic Exemption from Penalty (AEP)** program. Starting summer 2026, eligible taxpayers who have a history of timely filing and paying (or quarterly compliance) over the past three years (or 12 consecutive quarters for quarterly filers) will automatically have certain penalties (failure to file, pay, or deposit) waived without needing to request relief. This applies to original returns beginning with the 2025 tax year and 2026 quarterly returns, as well as future tax periods.

Editorial impact label: High

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Jul 1, 2026

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국세청, 국내복귀(U-turn) 희망하는 재외국민 대상으로 ‘온라인 1:1 세무상담’ 제공하여 세금 불안 지운다

국세청은 2026년 7월부터 국내복귀(U-turn)를 희망하는 재외국민에게 온라인 1:1 맞춤형 세무상담 서비스를 제공하기로 함. 상담 범위에는 거주자 판정, 해외자산 상속·증여·양도소득세, 해외금융계좌 신고, 해외자산 명세서 제출 등이 포함됨. 이를 통해 세금 불확실성 완화 및 국내 복귀 촉진이 목표.

Editorial impact label: Medium

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Jul 1, 2026

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国際観光旅客税 税率改定（令和８年７月１日施行）

As of July 1, 2026, the International Tourist Tax levied on departures from Japan increased from ¥1,000 to ¥3,000 per departure. Contracts concluded before that date may still use the old rate under transitional measures. Affects all passengers departing by aircraft or ship, with exemptions for certain diplomats, children under two, transit passengers, etc.

Editorial impact label: Medium

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Jul 1, 2026

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Reajustes semestrales de avalúos y exenciones del Impuesto Territorial para bienes raíces en Chile

A partir del 1 de julio de 2026, los avalúos de bienes raíces agrícolas, no agrícolas y habitacionales se reajustan semestralmente según el IPC, y se establecen montos exentos fijos y tasas diferenciadas para propiedades habitacionales.

Editorial impact label: Medium

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Jul 1, 2026

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Interest rates for the third calendar quarter – CRA prescribed rates

From July 1 to September 30, 2026, new prescribed interest rates include 7% on overdue taxes/CPP/EI, 3% for corporate overpayments, 5% for non-corporate overpayments, 3% for taxable benefits on low/interest-free loans, and 6.30% for corporate loans or indebtedness. These rates directly affect how much interest taxpayers pay or receive for overpayments or overdue amounts.

Editorial impact label: Medium

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Jul 1, 2026

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Payday Super has started: Here’s what employers need to know and do

From 1 July 2026, the Payday Super reforms require employers to pay super guarantee on each payday rather than quarterly; contributions must reach the fund within 7 business days. Also includes closure of the Small Business Superannuation Clearing House (SBSCH), updated reporting requirements via STP, and implications for missed payments.

Editorial impact label: High

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Jul 1, 2026

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Sri Lanka

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Circular SEC/2026/E/03: Revised VAT Tax Invoice Format in Sri Lanka

In Sri Lanka, the Inland Revenue Department issued Circular SEC/2026/E/03 establishing a revised Tax Invoice format under the Value Added Tax Act No. 14 of 2002. All VAT-registered persons must adopt the new format effective from 1 July 2026. The previous format is withdrawn as of that date. Purpose is to strengthen compliance, standardize practices and facilitate digital tax administration. Non-compliance risks include invalid invoices and rejected VAT claims.

Editorial impact label: Medium

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Jul 1, 2026

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Saudi Arabia’s Cancellation of Fines and Exemption of Financial Penalties Initiative Extended July-December 2026

ZATCA (Saudi Arabia) extended the initiative cancelling late penalties and granting exemptions from financial fines in all tax systems for compliant taxpayers, starting from **1 July 2026** through **31 December 2026**. The initiative covers late registration, late filing, late payment fines, VAT return-correction fines, while excluding tax evasion, fines under Article 45 of the VAT law, and any returns due after 30 June 2026 or fines already paid. Beneficiaries must register with ZATCA, submit all required returns due by 30 June 2026, pay the principal tax amounts or enter approved installment plans.

Editorial impact label: High

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Jul 1, 2026

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Payday Super reforms (Super Guarantee contributions on payday)

Legislation (Payday Super) requires employers from 1 July 2026 to calculate and pay super guarantee contributions to employees on each payday (weekly, fortnightly or monthly), based on the newly expanded definition of "qualifying earnings", with the contributions received by the employee’s superannuation fund within **7 business days**. The Small Business Superannuation Clearing House (SBSCH) will close permanently from 1 July 2026. Employers must also update Single Touch Payroll reporting to include each employee’s year-to-date qualifying earnings and super liability. The first year compliance approach provides some leniency for genuine attempts to comply. This change is enacted (law passed), effective 1 July 2026.

Editorial impact label: High

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Jul 1, 2026

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Division 296 tax on large and very large super balances

From 1 July 2026, superannuation earnings above \$3 million (large super balance threshold) are taxed at 15%, and earnings above \$10 million (very large super balance threshold) incur an additional 10%. The tax applies only to earnings proportional to the amounts above the thresholds. Super funds must report relevant earnings to the ATO. Impacts apply to balances at or above thresholds. This policy is enacted and effective from 1 July 2026.

Editorial impact label: Medium

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Jul 1, 2026

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Resolución de Superintendencia N.° 000032-2026/SUNAT/700000 – Ampliación de facultad discrecional en sanciones por infracciones electrónicas en Perú

SUNAT amplía la facultad discrecional para no aplicar sanciones administrativas en infracciones relativas a libros y registros electrónicos bajo SIRE para periodos hasta agosto 2026, y posterga para contribuyentes con ingresos netos sobre 2,300 UIT la obligación de cumplir con registros electrónicos de ventas e ingresos.

Editorial impact label: Medium

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Jul 1, 2026

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Increase of International Tourist Tax Rate from ¥1,000 to ¥3,000 per Departure

Effective July 1, 2026, the rate of the International Tourist Tax (国際観光旅客税) was raised from ¥1,000 to ¥3,000 for passengers departing Japan by air or ship. Contracts issued prior to June 30, 2026 that cover departures post-increase date are grandfathered under the old rate. Applies to all international tourists departing except those exempt under official categories such as diplomats and certain transit cases.

Editorial impact label: Medium

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Jul 1, 2026

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Payday Super

From 1 July 2026 employers must pay employees’ super guarantee each payday, using new definition ‘Qualifying Earnings’; contributions must reach super funds within 7 business days; STP reporting will include Qualifying Earnings and super liability; Small Business Superannuation Clearing House will close as part of reform.

Editorial impact label: High

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Jul 1, 2026

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Better Targeted Super Concessions (Division 296)

From 1 July 2026, individuals with a total super balance over $3 million will pay 15 % tax on earnings over that threshold; balances over $10 million face an additional 10 % on earnings above that very large super balance threshold. Applies to both SMSFs and regulated funds; thresholds will be indexed over time.

Editorial impact label: High

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Jul 1, 2026

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Payday Super reform commences: SG payments due on Payday

Employers are required from 1 July 2026 to pay super guarantee contributions on each payday (instead of quarterly). Contributions must be calculated on qualifying earnings and reach the super fund within 7 business days. This replaces quarterly SG payments and also includes new reporting under Single Touch Payroll. The reform impacts payment timing, compliance obligations and reporting standards.

Editorial impact label: High

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Jul 1, 2026

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Standard mileage rates revised effective July 1, 2026

IRS modified the optional standard mileage rates starting July 1, 2026. Business mileage rate increased to 76 cents per mile; medical and moving (for those eligible) at 23.5 cents per mile. The charitable rate remains 14 cents per mile. These new rates affect deductions for business, medical, and moving transportation expenses, as well as employee reimbursements starting July 1, 2026.

Editorial impact label: Medium

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Jul 1, 2026

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Payday Super reform commences 1 July 2026

From 1 July 2026 the Payday Super reforms take effect. Employers must pay superannuation contributions each payday rather than quarterly, based on qualifying earnings. Super must be received by funds within 7 business days after payday. Reporting of year-to-date qualifying earnings and super liability via Single Touch Payroll is required. SSECH (Small Business Superannuation Clearing House) closed permanently as part of the reform.

Editorial impact label: High

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Jul 1, 2026

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GDP adjustment factor increased to 5% for 2026-27 GST & PAYG instalments

From 1 July 2026 the GDP adjustment factor used to calculate quarterly GST and PAYG instalment amounts increases to 5% for the 2026-27 income year. Taxpayers with substituted accounting periods starting before 1 April 2026 continue to use the 2025-26 GDP adjustment of 4%. Those starting from 1 April 2026 use 5%.

Editorial impact label: Medium

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Jul 1, 2026

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Singapore’s Change of Tax Reference Numbers for Estates, Trusts and Unit Trusts to ASGD IDs from January 2027

From **July 2026**, Singapore’s IRAS is phasing in a new tax reference number format (“ASGD ID”—9 characters) for Estates, Trusts and Unit Trusts, replacing the older 10-character ITR ID. Active executors, administrators, trustees will be progressively notified. During the transition (July-December 2026), documents may still show old ITR IDs. Starting **January 2027**, all official notices, payments, and filings must use the ASGD ID. Executors/trustees should update payment instructions, legal documents, tax filings to reflect the new format to avoid mismatches or rejected submissions.

Editorial impact label: Low

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Jul 1, 2026

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